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Cryogenic Equipment Market to Exhibit 7.1% CAGR by 2026; Rising Number of Gas-based Power Plants to Augment Growth

February 25, 2020 | Energy & Power

The global cryogenic equipment market size is projected to reach USD 31.68 billion by 2026. It is likely to gain impetus from the rising adoption of pumps, tankers, refrigerators, vaporizers, valves, and other similar equipment. In addition to that, the abrupt surge in demand for liquefied natural gas (LNG) because of the increasing number of gas-based power plants. This information is provided by Fortune Business Insights™ in a recently published study, titled, “Cryogenic Equipment Market Size, Share & Industry Analysis, By Product (Tank, Valve, Vaporizer, Pump, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas (LNG), and Others), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others) and Regional Forecast, 2019-2026.” The study further mentions that the market stood at USD 18.42 billion in 2018. However, it would exhibit a CAGR of 7.1% during the forecast period between 2019 to 2026.


SHI Cryogenic Group Unveils Two New Highest-capacity Cryocoolers


In January 2019, the SHI Cryogenics Group, a manufacturer of helium compressors, pulse tubes, cryocoolers, and cryopumps based in Tokyo, introduced the RDE-418D4 1.8/2.0W 4K cryocooler under its wide range of Gifford-McMahon (GM) cryocoolers. This new launch would aid the company in broadening its pre-existing range of 0.1W to 1.5W models. The RDE-418D4 is the company’s highest-capacity cryocooler to date.


Its other products are considered to be the most versatile and reliable systems available in the market at present. They provide orientation-free operation, compact designs, and have high cooling capacities. The RDE-418D4 is equipped with an optimized design that upsurges cooling performance by 20%, unlike the RDK-415D 1.5W 4K cryocooler. At the same time, it doesn’t change the compressor’s input power or the cryocooler’s physical size. The complete system consists of power cables, gas lines, and helium compressors. It is UL and CE certified.


To Get the detailed report summary and research scope of this market, click here


https://www.fortunebusinessinsights.com/industry-reports/cryogenic-equipment-market-100823


Rising Demand for Clean Energy Sources to Boost Growth


There is a huge demand for clean energy sources across the world. The generation of clean energy requires applications such as regasification, storage, and transportation. It is set to contribute to the cryogenic equipment market growth during the forthcoming period. Additionally, increasing investment in chemical & petrochemical, as well as metallurgical sectors, would also drive the growth of the market. Lastly, the emerging economies are showcasing development in the healthcare sector. It would affect the market positively.


Key Players Focus on Launching Novel Products to Strengthen Position


Prominent cryogenic equipment operators are striving persistently to gain the maximum share by introducing state-of-the-art technologies in their products. It will not only skyrocket the sales of the products but also will help the manufacturers in gaining a competitive edge during the forthcoming years.


Noteworthy Industry Development:



  • August 2018: Atlas Copco, a manufacturer of industrial tools and equipment headquartered in Sweden, planned to acquire the cryogenic business of Brooks Automation, Inc., a provider of instrumentation, vacuum, and automation equipment based in the U.S. The deal is worth MUSD 675. The acquisition consists of cryopump operations situated in Monterrey, Mexico and Chelmsford, U.S.A. It will provide Atlas Copco with access to novel technologies and it will, in turn, strengthen its position in the market.


Fortune Business Insights™ profiles a few of the most renowned organizations present in the cryogenic equipment market. They are as follows:



  • Inoxcva

  • Linde

  • Cryofab, Inc.

  • The Weir Group PLC

  • Chart Industries, Inc.

  • Flowserve Corporation

  • Herose GMBH Armaturen und Metalle

  • Nikkiso, Co. Ltd.

  • Schlumberger

  • Cryoquip

  • PHPK Technologies

  • Sulzer

  • SHI Cryogenics Group

  • Cryo Pur

  • Wessington Cryogenics

  • Fives

  • Other key market players


Further Report Findings-



  • Asia Pacific held USD 6.07 billion in terms of cryogenic equipment market revenue in 2018 owing to the expansion of the industrial sector.

  • In terms of product, the tank segment held a cryogenic equipment market share of 36.0% in 2018 stoked by its application in the chemical & petrochemical, as well as oil & gas industries.

  • The oil & gas segment under the end user criterion is set to generate the largest share backed by the heavy usage of cryogenic equipment in LNG transportation, refining, regasification, and refueling.

  • Based on cryogen type, the LNG segment currently holds the highest share on account of its application in processing, storage, and fueling.

  • The market is mainly dominated by companies, such as Chart Industries, Inc., Cryofab, Inc., Linde, Cryoquip, Wessington Cryogenics, and SHI Cryogenics Group.


The cryogenic equipment market can be segmented in the following way:











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Product



  • Tank

  • Valve

  • Vaporizer

  • Pump

  • Others



By Cryogen Type



  • Nitrogen

  • Oxygen

  • Argon

  • Liquefied Natural Gas (LNG)

  • Others



By End-User



  • Oil & Gas

  • Metallurgy

  • Power Generation

  • Chemical & Petrochemical

  • Marine

  • Others



By Region



  • North America (U.S. and Canada)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Europe (UK, Germany, France, Italy, Spain, The Netherlands, and Rest of Europe)

  • Asia-Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia-Pacific)

  • Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)


Cryogenic Equipment Market
  • PDF
  • 2018
  • 2015-2017
  • 130

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